Kimmeridge offers $6 billion for natural gas company Ascent

• EMG's proposal would value Ascent at around $5.5 billion, and the firm allegedly told limited partners like ADIC that there wouldn't be outside cash buyers for the company.

Elsewhere: Mason Capital, a hedge fund with an existing stake in Ascent, also launched a buyout bid at a premium to EMG's valuation.

Behind the scenes: Ben Dell, a managing partner at Kimmeridge, tells Axios that his firm has known of Ascent for years, but that the lawsuit was "a catalyst" for its bid.

• "We're a believer that you can integrate gas into the power dynamics of Appalachia and that we can grow this asset more aggressively," he adds.